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Ether Price Analysis
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ETH/USD Rallies, Will Uptrend Accelerate?





Ether managed to overcome all odds against the US Dollar, as ETH/USD was able to clear a crucial resistance to challenge the $12.00 barrier.

Key Highlights

There was a sharp upside move in Ether price once there was a break above the $11.40 resistance against the US Dollar.
The 4-hour chart of ETH/USD clearly highlights a bullish break, and signaling positive momentum.
The pair already traded past $12.00, and may look to accelerate gains in the short term.

Technically, the 4-hour chart indicators extended moves in the bullish territory and remain elevated.

Ether Price Biased Higher Above Daily Cloud

Yesterday, we saw how there was a crucial resistance formed near $11.35-11.40 in Ether price versus the US Dollar. The price was seen struggling to overcome the mentioned resistance.

Ether Price Analysis Chart

However, the market sentiment was boosted overnight, as the ETH/USD pair spiked higher and broke the $11.40 resistance to set the pace for the next ride.

The upside move was such that the price also traded above the $11.60 resistance, and cleared January’s swing high of $11.87. The price even broke past the $12.00 handle, and posted a new monthly high as $12.15.

At the moment, it looks like the price is consolidating gains above the $12.00 level and might be preparing for further gains. Should a correction wave materialize, an initial support can be around the 23.6% Fibonacci retracement level of the last wave from the $11.20 low to $12.15 high.

In my view, a 4-hour close above the $12.00 level is needed for the price to extend gains. No doubt, there is a clear break of a bearish trend line on the chart at $11.40, which is a bullish sign.

Ethereum ETH/USD Forecast

However, a daily close above $12.00 won’t be easy. If there is a close, the next stop for ETH/USD could be near $12.80.

On the downside, below $11.87, the most important support would be $11.50-11.40. It was a resistance earlier, and now most likely to act as a strong support.

Important Resistance Levels

$12.20 and $12.80

Important Support Levels

$12.00 and $11.87

Hourly RSI

The RSI technical indicator is reaching the overbought levels, but no sign of a correction yet.

Hourly MACD

The MACD moved sharply into the bullish zone, and gaining momentum.

Aayush Jindal

Aayush has spent over seven years as a financial markets contributor and observer. He specializes in market strategies and technical analysis. He strives to provide entertaining and informative analysis of the currency and commodities markets. He is a software engineer by profession and loves blogging.

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